Global Smart Cities Market Includes Significant Growth of Increase In Demand For Smart Governance
The global smart cities market is projected to grow at a CAGR above 20% during 2017 - 2023. Due to significant growth in automation technologies such as internet of things (IoT) and adoption of cloud based technologies, the global smart cities market is gaining huge traction. In addition, effective city asset management for public welfare, substantial operational cost savings, and automated public data generation applications contribute to the growth of global smart cities market. Geographically, Europe has been the largest smart cities market, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth of the market in Asia-Pacific can be attributed to factors such as advancement in automation technologies, growing industry digitalization, rapid growth in advance software development industry, and increasing adoption of data analytics services by real estate builders, and improving IT infrastructure in the region. The various initiatives by the government of various countries across the region to invest in various smart city projects is also expected to drive the smart city market in Asia-Pacific region. For instance, Government of India (GoI) has also invested in smart city initiatives recently to enhance the city sustainability across the country.
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